Global oil prices are racing toward $100 per barrel after fresh attacks on oil tankers near Saudi Arabia—and escalating U.S. threats against Iran—heightened concerns over supply disruptions in the Persian Gulf region.
Brent Soars Above $99, WTI Hits Highest Since June
On Thursday, July 23, 2026, Brent crude surged more than 5%, briefly surpassing $99 a barrel—the highest level since May 22. Meanwhile, West Texas Intermediate (WTI) climbed above $90 per barrel, marking its fifth consecutive session of gains and reaching its strongest point since June 10.
Attacks and Regional Tensions Escalate
A British maritime trade agency reported that a tanker caught fire after being struck approximately 70 nautical miles southwest of Al Shuqaiq in Saudi Arabia. Yemen’s Houthi rebels claimed responsibility, stating they had targeted two Saudi vessels using drones and missiles in response to what they described as violations of their naval blockade.
The incident occurred just hours after former U.S. President Donald Trump warned that Washington would strike Iranian energy infrastructure—including bridges or power plants—each time Tehran attacked a ship in the Strait of Hormuz. His remarks signaled a sharp escalation following the collapse of the U.S.-Iran de-escalation agreement.
In response, Iran warned it would retaliate against U.S.-linked infrastructure and energy assets across the region if Washington carried out its threats.